Decentralized Identity

Decentralized Identity (aka Self-Sovereign Identity – SSI) changes how digital identity works and what it means.

Decentralized Identity is a system where people can have control over their own information. This means that instead of relying on a website or an organization to store your personal data, you keep it yourself securely encrypted. This makes it much harder for someone to hack into your information or steal your identity.

Once you realize that you – as a person and even as an organization – do NOT currently own your digital identity – things start to feel odd.

A further shift happens when businesses realize that they no longer have to own your digital identity and the privacy and other risks; they change. In particular, the expense of digital identity becomes a possible revenue source – with a trusted relationship with customers, employees, and partners.

Our self-sovereign identity consulting helps leading organizations understand what these shifts can mean.

The game changes here.

Decentralized identity means so many different things:

  • that people get control of their digital world
  • Businesses can focus on their business and customer relationship.
  • devices can really have owners (think IoT and security – what if the devices you own know who they could talk to instead of listening and working for hackers)
  • organizations can establish digital trust
  • digital reputation becomes possible broadly

Chris Skinner, probably the best thinker and writer in banking and financial technology, describes self-sovereign identity this way:

With self-sovereign identity, you would hold all of the different elements of your online identity in a “box” or “wallet.” You would then be able to choose which of those elements to reveal in any given context.

When a person (or organization, or even a “thing”) controls their identity, many new things become a reality. However, this also turns many approaches upside down.

Decentralized identity is a rapidly growing trend in the online world. In a world where data breaches are becoming more common, people are looking for ways to keep their information safe. As an organization, you can remove liabilities if you place identity ownership back in the hands of the users.

If you’re curious about what decentralized identity will mean to you and your organization, follow us on social media and check out our newsletter, where we keep our key clients and partners current.

Next Webinar